Gleannloch Farms Market Update | April 25, 2022
Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Gleannloch Farms. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Gleannloch Farms?
We currently have 18 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $180 a square foot. All homes sold over asking price, with one home selling 8% above the listing price. One home in the villages sold which artificially inflated averages. Prices are still up, inventory this week is down. We are expecting a huge boom in the next few weeks for summer buyers and sellers.
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Gleannloch Farms.
What is happening in the real estate market nationally?
Housing Starts rose in March to a 1.793 million annual rate, up 3.9% from a year ago. Building permits also gained, indicating more starts ahead. The NAHB builder sentiment index dipped slightly, but stayed near historical highs.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
With demand far outpacing supply, Existing Home Sales dropped 2.7% in March, down 4.5% from a year ago, at a 5.770 million annual rate. Yet that sales pace is still stronger than any seen from 2008 to 2019!
Attom Data reports that in 2021, sellers nationwide saw a profit of $94,092 on the typical home sale. That’s a 45.3% ROI—return on the original purchase price investment. Both profits and ROI have improved for 10 straight years.
Summary: Mortgage rates continued to trend upward last week. The National Association of Home Builders’ (NAHB) housing market index fell lower in April. Building permits increased, as did housing starts. Mortgage application submissions continued to fall, as existing home sales. Both continuing and initial jobless claims dropped lower.
- Tri Pointe Homes CEO says housing is in really good long-term shape. Watch Now >>
- How will higher rates affect housing inventory? Listen Now >>
- Single-family rents continue to break records. Read Now >>
Review of Last Week
BLAME IT ON THE FED... Friday, stocks suffered their biggest one-day plunge since 2020, as investors fretted over rising rates from the Fed amidst indications of the central bank's increasingly hawkish mindset.
Fed Chair Powell said he wasn't ready to declare inflation had peaked and he supported moving faster, with a possible half percent hike in May. A prominent Fed member added that the funds rate should hit 3.50% by year-end.
This offset the solid gains in industrial production and factory capacity that showed industrial activity continues its V-shaped recovery. Plus, the vast majority of early Q1 corporate earnings reports beat market expectations.
The week ended with the Dow down 1.9%, to 33,813; the S&P 500 down 2.7%, to 4,272; and the Nasdaq down 3.8%, to 12,839.
Uncharacteristically, bond prices dropped with stocks, the 30-year UMBS 4.0% ending down 0.23, at $99.09. The national average 30-year fixed mortgage rate moved up for the seventh straight week in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Of the existing homes sold in March, 87% were on the market less than a month. Analysts feel this level of buyer urgency is driven by people wanting to make purchases before prices and mortgage rates go any higher.
- The NAHB housing market sentiment index fell two points in April, down to a level of 77. Among the index’s three components, sales expectations for the next 6 months increased 3 points to a level of 73. This follows a 10-point drop in March.
- Building permits climbed 0.4% month-over-month in March, rising to a seasonally adjusted annual rate of 1.87M. Compared to March 2021, building permits rose 6.7%. Housing starts increased 0.3% month-over-month in March, climbing to a seasonally adjusted annual rate of 1.79M. Compared to March 2021, housing starts increased 3.9%.
- Mortgage applications submissions fell 5% during the week ending 4/15. The Refinance Index fell 8% while the purchase Index fell 3%.
- Existing home sales dropped 2.7% month-over-month in March, failing to a seasonally adjusted annual rate of 5.77 million. Sales dipped in three out of the four U.S. regions, holding steady in the West. Inventory of unsold existing homes increased to a level of 950,000 – supporting two months of supply at the current sales pace.
- Continuing jobless claims dropped to a level of 1.42M during the week ending 4/9. Initial jobless claims dropped to a level of 184,000 during the week ending 4/16.
This Week's Forecast
NEW AND PENDING HOME SALES, GDP, INFLATION, PERSONAL INCOME AND SPENDING… This week has it all, and the numbers are not so good. March New and Pending Home Sales are forecast off a bit. GDP is expected to post a paltry 1.1% economic growth in Q1, after 6.9% in Q4. Personal Income and Spending are both expected up, but PCE Prices should show inflation rose enough to nullify the income gain.
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
If you are curious 'How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us, Jo.
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